Pi miners anxiously await monetization
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Vietnamese people are expecting good money from cryptocurrency Pi following developer’s promise of a mainnet launch on June 28.
The system is making steady progress towards transiting to launch by around Pi2 Day – June 28, the development team announced on the Pi Network app last Tuesday.
Since Monday night, Pi miners in Vietnam have started to wait for the transition. Many claimed to be business owners and said they will accept the token as a payment method as soon as the coin can be exchanged.
Pi and other cryptocurrencies are not legal tender in Vietnam, Dao Minh Tu, the deputy governor of the State Bank of Vietnam, has said.
Huynh Tan of HCMC said he has signed in the app to earn rewards every day for the last three years.
“I have joined the project since its beta stage. Now it is about to enter the mainnet stage, so I hope to be able to exchange Pi for money or something.”
He said prices of thousands dollars is “very unlikely” as there are 100 billion tokens, but the ‘consensus price’ may be of any number.
A poll on a Pi group found 75 percent of nearly 3,400 users believing in a ‘consensus price’ of US$6,700.
“What will you buy first once each Pi token is worth thousands of dollars?”, a member asked on a Pi group with 100,000 members and attracted over 300 comments.
Many said they intended to buy a house, a car or give away the money after selling the token.
“What will you buy first once each Pi token is worth thousands of dollars?”
But investors will have to wait until developers allow them to transfer the token.
Last year, Pi announced it had entered mainnet, but that will be split into two phases: closed and open network — the former allows user-to-user transactions, and the latter allows exchanging with other cryptocurrencies.
Doubts
Meanwhile, many are skeptical about the developer’s pledges.
“There is no certainty in the statement, just a general announcement of mainnet launch around the Pi2 Day. They did the same thing last year, but there has yet been any development,” Anh Minh, a Pi miner said.
Pi Network also made no announcement on its social media accounts on June 28 — an unusual move as most crypto projects constantly provide users new information during key phases.
Over the last six months, the project has reduced mining rate, required users to lock up part of their token, and started the KYC (know-your-customer) process.
Some users were allowed to exchange the token internally, but only as a demo.
Up to date, the token cannot be exchanged with other cryptocurrencies, and mostly remain worthless.
Questions & Answers
Q.What is the State Bank of Vietnam's stance on Pi and other cryptocurrencies?
What is the State Bank of Vietnam's stance on Pi and other cryptocurrencies?
The deputy governor of the State Bank of Vietnam, Dao Minh Tu, has stated that Pi and other cryptocurrencies are not considered legal tender in the country.
Q.What are the two phases of the Pi mainnet, as announced last year?
What are the two phases of the Pi mainnet, as announced last year?
The mainnet will be split into a closed network phase, which allows user-to-user transactions, and an open network phase, which will permit exchanging Pi with other cryptocurrencies.
Q.Why are some users sceptical about the developer's current mainnet launch announcement?
Why are some users sceptical about the developer's current mainnet launch announcement?
Some users are sceptical because they believe the announcement is too general, similar to a promise made last year which did not lead to significant development, and there was no social media announcement on June 28.
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